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Domestic burglaries are on the increase across the UK, which is possibly a consequence of the recession, and politicians are worried that this trend will continue through 2009. The government were wary of this being the case, as the leaked memo from Home Secretary, Jacqui Smith to Prime Minister, Gordon Brown last year suggests. In the memo Smith said the following: ‘Our modelling indicates that an economic downturn would place significant upward pressure on acquisitive crime and therefore overall crime figures.’

And the latest crime figures to be released state that domestic burglaries have increased by four per cent in the last quarter. That may not seem to be a huge increase, but Smith again made it clear that the Government are growing increasingly concerned about crime in the UK. She told Sky News shortly after the figures were released that: ‘I think there is a worry that when we get into tough economic times that there may be some criminals out there who think they are going to make the most of it, with property crimes.’

This increase in domestic burglaries highlights the necessity for property insurance. It is of course a legal requirement but is one that is often overlooked, and will possibly continue to be so during these difficult economic times.

And it is most commonly overlooked by landlords, especially those who let unfurnished property. They will think ‘why do I need contents insurance if none of my contents will be living there?’ But what about the flooring, curtains, light fittings, sockets, kitchen appliances etc? Any structural damage will be covered by buildings insurance but they will not pay out for any interior damage, so if your ceiling caves in and damages the carpets, you won’t be covered unless you have contents insurance, and some insurers offer up to 20,000 pounds free contents cover.

There are specific companies who specialise in landlord insurance and these companies can offer better rates, with added incentives such as: up to 50 per cent on your renewal premium, up to 25 per cent on multi property discount and up to 35 per cent no claims discount.

Plus up to 90 days cover for unoccupied properties, which can be vital if you’re in between tenants. Many unoccupied properties are besieged by squatters, which can be a lengthy process to resolve, but many property insurance policies will cover any legal costs for such cases.

And if you have a tenant waiting to move into your property, you will most certainly lose their custom, which can be costly for your profit margins. By cutting such corners as overlooking a property insurance policy, it really isn’t worth taking the risk, especially when you take into account the fact that there are many affordable property insurance policies out there for you to go for.

And when there are specialist insurance companies that find the best and most suitable property insurance policies for you, it really is a hassle free task. There are many web based companies, and plenty of other insurers online today, so it takes the matter of minutes to get in contact and obtain a quote.

Why run the risk of losing out by cutting corners, when you can have the peace of mind that comes with property insurance? Especially when it is so cost-effective and easy to obtain.

Shaun Parker is an insurance analyst with many years of experience in insurance policies. Find out more about property insurance at http://www.landlords-building-insurance.co.uk

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